Scarlett Incorporated purchased a tract of land with an office building and equipment included. The cash price was $900,000 plus $50,000 in fees connected with the purchase. The following data were collected concerning the property: Appraisal Vendor's Original Valle Book Value Cost $220,000 S. 80.000 S. 80.000 Equipment 360,000 170,000 550,000 Office building 440,000 260,000 720,000 Required: Give the entry to record the purchase; show computations Land Debit Credit Part B. (4 marks) Alpha Inc, exchanged machinery with an appraised value of $ 1,170,000, a recorded cost of $1,800,000 and accumulated depreciation of S 800,000, for machinery that Beta Corp. owns. Beta's machinery has an appraised value of $ 1,140,000, a recorded cost of $2,160,000, and accumulated depreciation of $1,188,000. Beta also gave Alpha $30,000 in the exchange. Assume depreciation has been updated to the date of exchange. Instructions Prepare the entry on Alpha's books assuming that the transaction has commercial substance. Debit Credit